Applicability of TDS: If an Agri seed company (Research center recognized by the Dept of Sci&Tech) hires a peace of agricultural land in villages for its breeding and agricultural research purpose, will the lease payment will cover under TDS u/s 194I ? As the owner of agricultural land is a farmer and not allowing to deduct the TDS from the payments by saying it is agricultural land and the income treated as agri income.
Thank you in advance to the experts.
ask him for an official letter giving sufficient reasons for non deduction. then the liability will transfer on the land owner
you can also seek clarification from income tax deptt under rti.
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